Infosys becomes fourth Indian company to hit $100-billion m-cap, shares up 84% in one year
Infosys, the second-biggest Indian outsourcer, hit a market capitalisation of $100 billion on Tuesday, becoming the fourth company in India to achieve this feat. Shares of the Bengaluru-based company touched an all-time high of Rs 1,755.60 apiece today compared to its previous closing value of Rs 1,739.20. At the day's high Infosys achieved a market capitalisation of Rs 7.45 lakh crore or over $100 billion. As of 1:45 pm, Infosys shares were trading 0.78% lower at Rs 1,725.55.
Earlier three other Indian companies--Reliance Industries, TCS and HDFC Bank--have achieved this feat.
Shares of IT companies including Infosys have seen massive rally over the past year as they are flooded with digitization orders from global MNCs amid the Covid-19 pandemic. Infosys shares have rallied 84% over the past one year.
The company also reported strong numbers for the first quarter of current fiscal. Its net profit for the April-June quarter of current fiscal surged 22.75 on an annual basis to Rs 5,195 crore. On a sequential basis, the company registered 2.35 growth in its net profit. Its revenues grew 8.5% to Rs 23,665 crore compared to Rs 21,803 crore in the corresponding quarter of previous fiscal.
Worth mentioning here is that the company had increased its full-year revenue growth forecast in constant currency from 12%-14% to 14-16%. The company guided for an operating margin of 22 to 24%.
Analysts say Infosys is expected to report superior revenue growth over FY21-FY24 driven by execution-focused stable management, a surge in mega deals and digital acceleration. The company has expanded its client outreach due to refreshed offerings and vast product portfolio.
Infosys is expected to be a key beneficiary of multi-year technology upcycle.